Portfolio Management Careers
I want to find out more information about REPE portfolio management. i.e What does day to day look like, comp, size of shops, etc, can anyone help?
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interested as well
bump
With regards to comp, ~160 all in A1 from undergrad is achievable for large shops. For context, Acq A1 makes the same where I work. Down the line, compensation diverges in favor of Acq, but in either role you will be making an excellent living no doubts about it. The higher compensation in acq also comes with much longer hours.
At my firm (large global REPE) the PM’s are the most senior and are all MD levels. Most came through acquisitions. The idea that they are high level overseers is not at all accurate in my experience...quite the opposite. They need to really understand all of the granular details and are juggling all aspects of running a fund from acquisitions through business plan execution to managing liquidity and face-timing with clients. It is very high pressure and highly compensated.
What Solomeo said I’d say is true definitely at the junior level. But the guy who is the PM at the biggest fund at my shop probably has the coolest job at the firm in driving investment selection, in every asset class across every risk profile. And will tell the acquisition guys to F off if something is not a fit. However if they were to replace him someday I imagine the background of that person would be acquisitions vs the people that work under him.
It can vary greatly. My experience (coming from an acquisitions/capital markets background) was stepping into a role where I'm more responsible for managing a fund and less responsible for sourcing, underwriting and executing deals (hence, fund manager). At my shop I am the only PM of the fund I work on and am largely supported by our Asset Management and Capital Markets teams.
My role is pretty broadly encompassing and has elements of treasury/cash management, investor relations/fundraising and asset management. I also have to guide the acquisitions team toward where we need to be in regards to investment strategy and portfolio balance. Does our value-add fund have too many non-cash flowing assets dragging the cash yield down and allowing the LP capital account to compound? What are our LPs giving us money in order to gain exposure to? How well aligned are we with the investment strategy that they were sold on? If our next fund is going to bigger, how much capital to we think we can prudently raise and deploy without stretching it? Do we change our investment strategy in response to market factors or our desire to deploy more capital? Questions like that fall on the fund manager.
Hey, I have an upcoming portfolio managament analyst interview. What questions should I be prepping and expect to come up?
I’d bet you’ll get the classic “where would you invest $100mm”.
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